Solana has found good support at $37 and the price now appears in preparation to move higher.
Key Support levels: $37
Key Resistance levels: $44
After a successful test of the key support at $37, Solana’s price is ready to move higher and test the key resistance at $44. This pullback may be the pivot SOL needed to make a higher high. The only impediment appears to be a decreasing volume.
Chart by TradingView
Trading Volume: Since the market crash in mid-June, Solana’s volume has been declining steadily. This puts any attempt at a major breakout in doubt. However, the low volume may also be indicative of a major move ahead.
RSI: The daily RSI is above 50 points and has made a higher low and higher high. This puts SOL in an uptrend, at least for the short term.
MACD: The daily MACD is bullish, but the histogram is making lower highs which would suggest some loss of momentum behind the current price action.
Chart by TradingView
The short-term bias for SOL is bullish.
Solana had a steady recovery so far and managed to almost reach $44 before facing significant resistance. The price will have to break this key level if SOL is to move higher.
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